HECM Buyers Guide

You Can Retire in the Home YouWant and Need If you’re like 91% of Americans age 50 to 80, you want—and expect—to spend your retirement years in the comfort of your own home.* But that may not necessarily be the home in which you currently reside. Maybe you prefer a house with no stairs, fewer bedrooms or one that’s closer to family or friends. Perhaps you want to move to a low-maintenance property or relocate to a warmer climate, or a community with better amenities and more social opportunities. Whether you are already in or nearing retirement, you can buy a new home that will better fit your changing needs You’ve worked hard to preserve and grow your nest egg, and maintain your retirement investment accounts. You may also be living on a fixed income. The last thing you want to do is drain your savings or add another monthly bill to the pile in order to buy a new home. That’s where a powerful financial tool can help—it’s called a reverse mortgage for purchase . You see, reverse mortgages are not only in the business of helping older homeowners remain in their home while tapping into their equity. They also allow Americans age 62 and older to buy a new house or condominium by combining a one-time investment of their funds (a down payment) with reverse mortgage loan proceeds to complete the purchase. And the best part? Unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan. As long as you comply with the terms of the loan, a reverse mortgage doesn’t have to be repaid until the home is sold, or it’s no longer your primary residence. As with any mortgage—forward or reverse—you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance of the property. without the financial burdens of a traditional mortgage or paying all cash. But how? Rightsize your home without downsizing your cash flow

*Georgetown University, McDonough School of Business. “Aging Well Working Session Series: “Creating Connected Communities for Aging Well.” June 2014.

3 | Retire More Freely 1 | Buy the Hom of Your Dreams

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